Barnsley and Rotherham Chamber of Commerce and the Institute of Directors have welcomed Government plans to let local councils retain a significant portion of the Business Rates they collect.
Chamber executive director Andrew Denniff said: “The plans to allow councils to retain business rates could enable communities to benefit from their own success.
“Retaining business rate revenues will promote a pro-growth and pro-business attitude among councils.
“Together with new powers to borrow against those revenues to finance infrastructure projects, these plans have the potential to really drive economic development at a crucial time for the UK economy,” Mr Denniff added.
IoD spokesman Alexander Ehmann, said: “The Government is absolutely right to allow councils to keep a chunk of the Business Rates generated in their area.
“This will encourage many to go for economic growth, and has the potential to create a much needed culture change in local government. For the first time many councils will have a genuine incentive to be business-friendly. We also welcome the clear commitment to keep the level of rates under central government control.
“We must never return to the days of extravagant councils destroying businesses by imposing ever-higher rates.”